A new analysis focused on Bureau of Labor Statistics (BLS) data reveals that older workers are reshaping the labor market, with some occupations nearing large-scale retirement turnover—potentially creating a formidable challenge for employers nationwide.
The Workforce Aging Report from MyPerfectResume, a resume-building service, found that data from the BLS’ Current Population Survey (CPS) reveals a major demographic shift that is reshaping retirement patterns, labor supply and workforce stability across industries and employers.
Among the findings in the report:
- Workers aged 55+ make up 23.2% of the U.S. workforce.
- Older workforce growth outpaces total employment growth: Workers aged 55+ grew by 17.3% since 2014, compared with 11.7% overall.
- Workers 65+ and older increased by more than 40% over the past decade.
- Some occupations have 30% to 50% of workers nearing retirement age.
- Certain jobs are aging rapidly; multiple occupations saw 5 to 10+ percentage-point increases in older workers.
See also: Incorporate the diverse skills of an aging workforce
Jasmine Escalera, career expert at MyPerfectResume, says workforce aging is accelerating because many older Americans are increasingly balancing financial pressure, career uncertainty and concerns about long-term stability in today’s labor market.
“Workforce aging is no longer a future issue; it is happening right now across the American labor market,” Escalera says, “As more workers delay retirement and some industries struggle to attract younger talent, employers may face growing pressure to plan for succession, retention and knowledge transfer.”
While wages may appear to be increasing on paper, many workers are experiencing the “illusion of wage growth,” she adds. Inflation and rising living costs have significantly reduced purchasing power, and salaries often fail to keep pace. For older workers, especially, it creates financial pressure to remain in the workforce longer than originally planned, she says.
“At the same time, seasoned professionals can often reach earning ceilings within their organizations or industries,” Escalera says, noting that even when older workers feel underpaid or stagnant, leaving a role can be incredibly risky in today’s labor market.
“The job market remains highly competitive, and older workers are often navigating both increased competition and concerns around age bias, with 81% of older workers saying age stereotypes are prevalent in today’s workforce,” she says.
According to Escalera, for many Americans, retiring at the age at which previous generations were able to retire is becoming increasingly unrealistic. She note that rising costs of living, inflation, housing expenses, healthcare costs and overall economic uncertainty have created significant financial pressure across the workforce—particularly for those older employees approaching retirement age.
Escalera also says that while younger workers may be more likely to pick up freelance work, gig work, or flexible side income opportunities, older workers may not always have the same ability, energy or access to do so.
“As a result, many older workers may feel financially pressured to remain in traditional full-time roles longer because stepping away from a steady income simply doesn’t feel feasible or safe,” she says.
With workforce aging, succession planning and more become more important
Vicki Salemi, a career expert at Monster, explains that as workforce aging continues across many industries, succession planning and knowledge transfer will likely become increasingly important priorities for employers.
She suggests that organizations may benefit from identifying roles where operational knowledge, leadership expertise, technical processes, or long-standing client relationships are heavily concentrated within a small number of employees, and planning proactively about how that knowledge can be shared over time.
Salemi adds that talent strategies such as mentorship programs, cross-training, leadership development, and documentation of key processes can help employers create stronger continuity as workforce transitions occur.
She says that “continuity” is heavily anchored by seasoned professionals whose strong relationship-building and soft skills help bridge critical skills gaps within multi-generational teams.
“Many employers may also benefit from creating opportunities for greater collaboration across generations within teams so that knowledge transfer becomes part of day-to-day operations—rather than something addressed only during retirement transitions,” Salemi concludes.
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